Hello everyone, recently I have been educating myself and get back into real estate Investing. I have done a couple flips back in Nebraska and have some experience. I took a job promotion and moved from Nebraska 2 years ago with my wife Valentina and my son Max. I was able to negotiate a foreclosure property when we moved to Missouri as our primary residence but haven’t done much in real estate due to my busy work schedule. So far life has been good but I can’t continue to live the 6am-7pm life working for someone else. I have partnered up with a friend who has access to cash to rehab homes. In the past I have always used my own funds and need to learn more about how to create a partnership. He is not very familiar with real estate and has been educating himself. I have recently learned more about OPM to fund deals. We are both motivated, ready to work and start taking actions to make my dream a reality. Looking forward to learning and sharing information
@Cris Lemus welcome, sounds like you may have a decent amount of equity in your primary residence?
A few good ways to start would be sell the PR assuming you've lived there at least 2 years, then use the proceeds to purchase a house hack. Another option is rent that entire property, do a cash out refinance and use that as a downpayment on another single family or multi. You could still partner with this friend in the future, but starting with a HH will help you reduce you're living expenses and give you more freedom to explore other jobs. Best of luck with your journey!
I agree with Cody that you can use some of your equity to help get the investment party started. However, finding someone with a chunk of cash that is willing to loan to your cause is also fantastic. Perks are finding more creative ways to negotiate lending. Their money is working, and you aren't out any additional funds. They would utilize the new investment as collateral on the money they are lending.
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